Any business that not only wants to survive, but thrive for the next five years should implement a growth strategy. The key to any growth strategy is to deliberate on the steps limiting your growth and work on them. Here are seven business growth strategies that virtually any business can follow for massive growth.
1. Target your ideal online audience
E-commerce is all about establishing an online territory. Many business owners do not realize that 20 percent of their customers drive 80 percent of their revenue. According to Entrepreneur magazine, the roadmap to your success is all about your values.
The first step is to find an audience with a common interest. Pick up this subsection of the entire market and organize your sales efforts around it. By defining your niche, you will have a clear picture of who you are serving and the market segment to focus on for increased revenue.
2. Mobile optimization
According to IBM, during the last week of Thanksgiving, 26 percent of the online sales referred by affiliates were done from mobile devices. This is the upcoming trend that e-commerce should not ignore. Start by having a mobile-responsive website optimized for e-commerce. Use simple mobile payment processes, checkout systems that have delivery status, real-time notification, click-to-call, maps and product information.
3. Develop engaging content
For you to win in the e-commerce online platform, you need sticky content for your site. Research shows that 88 percent of shoppers consider detailed product information very significant. Keep your website fresh by producing visual, long-form guides regularly that will use targeted keywords and Meta descriptions that will help raise your Google ranking and make it easy for clients to find you.
This long-form content (if well promoted) will result in social engagement, increased email subscriptions, and eventually, high revenue.
4. Establish your authority
If you want long-term growth, you have to know what sets you apart from your competitors. Find out the reason why customers keep on coming back, what makes you relevant, what makes you different, and credible.
Then, present these strengths as your unique selling point to potential clients.
To establish your online authority, you will need elements such as quality content, quality links, social shares, citations, testimonials, mentions, and press for recognition. When offline, volunteer for sponsorships and speaking engagements.
5. Invest in systems
Sometimes one can be up to things that are not essential to your business. Enhance your productivity by investing in simple systems that work for you, not against you. Use that time and mental energy to negotiate with new clients, make sales, contact prospects, or even develop creative marketing ideas.
A good place to start is to have some of these WordPress plugins for your business website.
They include:
- Yoast SEO allows you to optimize your website for search engines.
- Sucuri is a web application firewall.
- Constant Contact is an email marketing service provider.
- WP Forms is an online form builder for contact forms, payment forms, email subscription forms, and more.
6. Invest in marketing
Regardless of where you are in your e-commerce journey, marketing is a huge factor. According to the Irish Examiner, marketing is recommended for start-up and young businesses. You need to develop a marketing strategy to increase your customer base through blog posts newsletters, or videos.
Tapping into email marketing is a great way to build the customer base. Promote your marketing content on diversified social media platforms.
Build and personalize your brand by bringing personality to your business. Address your customers by name to make them feel special. Implement a loyalty program that will reward your best customers. Build authority on online discussion forums and message boards.
Place appealing photos with all your content. It is also important to stay updated on industry news. Lastly, you can push your customers to review your products. Take your time to understand what customers want that you currently are not offering them. Online marketing is a great growth strategy that your business will need.
7. Sell internet-based merchandise
Offer services that are not available elsewhere and sell them directly online.
Consider selling subscription services sent to the client every month. Offer customized services that are delivered periodically.
E-commerce is a rapidly growing field where you need to respond quickly to the latest trends. The growth strategy you implement can make a huge difference, and the above strategies to increase sales will take your business to the next level.
